Kevin McCanna from Speer Financial presented his proposal to serve as Financial Advisor in refunding the Library building bonds. McCanna reviewed the procedure for refunding bonds and the fees associated with independent financial advisor services to manage the process of either a competitive bid or negotiated sale, depending on which approach is most advantageous in a given situation. Negotiated sale may be necessary depending on the Library’s credit rating. He also explained the roles and approximate costs for rating agency, bond counsel, underwriting and, if refunding occurs prior to the callable date, escrow account. Speer is an established national firm, and McCanna has extensive local, statewide, and regional experience.

Robert Baird Financial

John Piemonte from Robert Baird presented his proposal to serve as underwriter in refunding the Library building bonds. Baird, as underwriter, could not offer the bonds for competitive bid. As underwriter, the firm would purchase the bonds for a fee and then negotiate to resell the bonds for the highest yield. They were the underwriter in the recent refunding for the Sugar Grove Fire District bonds. Piemonte said a negotiated sale allows for more flexibility when issuing the bonds than a competitive bid. Baird can serve as Financial Advisor if the Library desires that service. Baird is an established national company, and Piemonte, has extensive local, statewide, and regional experience.

Public Comment

None.

Adjournment

Motion: To adjourn the meeting at 4:27 pm. Motion by Oliver. Second by Coffman. Voice vote: all yes. Motion passed.